Dubai is indeed a land of possibility. But unfortunately, it is one country that remains safeguarded from economic disasters.
The government authorities in the country make sure that they safeguard your investments. Not only this, but they also work so that you reap economic benefits.
- Do you have some property in Dubai?
- Want to rent the property?
There are some strict guidelines that you need to follow while renting out your property in Dubai. Know them to get a general awareness as we discuss them here with you.
Guide To Renting Property In Dubai
There are certain things to be kept in mind when you are renting your property to some other entity for business or residential purposes. Let’s check them out to get a comprehensive idea of the thing in its entirety.
1. Short And Long-Term Tenancy Contracts
You can follow two approaches while renting a property in the UAE. This includes short-term and long-term tenancy contacts. There are advantages and disadvantages of both terms.
What you need to do is understand things in perspective. For example, the paper processing for short-term and long-term tenancy contacts might vary according to the laws.
But making both contracts follows its pathways. So what you need to do is understand your own requirements and draft the contacts based on the requirements.
In this case, we advise you to take the help of some estate planning attorney with good knowledge of tenancy contracts.
2. Have You Got Your Property Ready
Are you prepared with your paperwork? Then, hire a lawyer and leave it for them. Simultaneously you must work to prepare your own property.
Preparing the property denotes certain steps, mainly giving your property a good refurbishment. This is a must for making your property ready.
It has been found through several studies that giving a good make-over to your home increases the value by a certain percentage.
Moreover, the ones who are renting your property must get it in good shape. This creates a good impression of the property. Therefore consult some property refurbishment experts and prepare your property worth renting.
3. Market Analysis
Now that you have your property ready, carry on with the market analysis. A market analysis is taking note of the value that is prevalent in the market at this point in time.
If you do market analysis, you can set some good prices against the property. On the other hand, if you do not engage in market analysis, things might go wrong completely, resulting in a loss.
Therefore make sure that you engage your time with studying markets.
4. Do Your Research
Do your own research on the internet on what are the minimum standards that one must have while you are renting some property.
If you do not engage with your own research on the required standards as well as the norms, you might be in deep trouble.
Market research determines your research on the subject. For instance, if a potential customer approaches you for property, you can ask for some credit and background checks.
Similarly, you can request other certificates, like a Certificate of Good conduct. All these certificates help you keep yourself safe from any kind of fraud.
Are you marketing your property to get clients? You need to have some monetary expenditure in making videos for market promotion.
Do not do it all alone unless you have a fair bit of experience. It’s always better to take help from some experts.
They can help you with the required services so that you get good clients for your property.
6. Tenancy Contracts
There are specific laws and regulations when it comes to transferring property. First, you need to draft a tenancy contract. Then, you need to consider all the papers while drafting them.
For drafting a tenancy contract, you need to consider some papers to include information in your contract. The entire work takes some time. You might not be able to manage it all alone.
Therefore we guide you to hire a bonafide tenancy lawyer who has a fair bit of experience with property renting. As a result, the entire process will be smoother with time.
The good news is that you have a good earning opportunity by renting your property.
However, if you want to get the best price for your property, you must work according to the norms and regulations of the government and the steps discussed above.